Question
In: Accounting
A city orders a new computer for its General Fund at an anticipated cost of $95,100....
A city orders a new computer for its General Fund at an anticipated cost of $95,100. Its actual cost when received is $96,680. Payment is subsequently made.
a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Solutions
Expert Solution
| Transaction | General Journal | Debit | Credit |
| 1 | Government activities | ||
| Computer | $ 96,680 | ||
| Vouchers payable | $ 96,680 | ||
| Vouchers payable | $ 96,680 | ||
| Cash | $ 96,680 | ||
| 2 | General fund | ||
| Encumbrances control | $ 95,100 | ||
| Fund balance - reserved for encumbrances | $ 95,100 | ||
| Encumbrances control | $ 95,100 | ||
| Fund balance - reserved for encumbrances | $ 95,100 | ||
| Expenditure control | $ 96,680 | ||
| Vouchers payable | $ 96,680 | ||
| Vouchers payable | $ 96,680 | ||
| Cash | $ 96,680 |
ekkarill92 answered 1 hour agoRelated Solutions
Comprehensive General Fund Review The Wayne City Council approved and adopted its general fund budget for...
Comprehensive General Fund Review
The Wayne City Council approved and adopted its general fund
budget for 2020. The budget contained the following amounts:
Estimated revenues
$70,000,000
Appropriations
66,000,000
Estimated transfers in
1,000,000
Estimated transfers out
6,000,000
During 2020, various transactions and events occurred which
affected the general fund. The legal budgetary basis is used.
Required
For items 1–40, indicate whether the item should be debited (D),
credited (C), or is not affected (N) in the general fund.
a. Items 1–5...
Recording the budget in the General Fund? Recording purchase orders or contracts in the General Fund?
Recording the budget in the General Fund?
Recording purchase orders or contracts in the General
Fund?
The City of Pleasant Valley adopted the following budget for its general fund for the upcoming...
The City of Pleasant Valley adopted the following budget for its
general fund for the upcoming fiscal year.
Estimated revenues:
Taxes
$5,000,000
Intergovernmental revenues 1,000,000
Licenses and permits 400,000
Fines and forfeits 150,000
Miscellaneous revenues
100,000
Total estimated revenues $6,650,000
Appropriations:
General government
$2,000,000
Public safety
2,200,000
Public works 950,000
Health and welfare
850,000
Miscellaneous
50,000
Total appropriations
$5,950,000
Prepare a summary general journal entry to record the adopted
budget at the beginning of...
On February 10, Coop City Council agreed to pool the investments of its General Fund with...
On February 10, Coop City Council agreed to pool the investments
of its General Fund with Coop Schools and Cardinal Township in an
investment pool managed by Coop City. Coop City creates an
Investment Trust Fund to account for this investment pool. Please
record the following in the Coop City Trust Fund and General
Fund.
1. Coop City Trust Fund received investments with a market value
of $890,000 from the Coop City General Fund, $4,200,000 from Coop
Schools, and $3,890,000...
The City of Mocksville had the following pre-closing account balances in its General Fund as of...
The City of Mocksville had the following pre-closing account
balances in its General Fund as of April 30, 2020. Debits and
credits are not separated; each account had its “normal” balance.
Among the expenditures recorded this year is an amount expended on
supplies ordered at the end of the previous year. Assume that
encumbrances do not lapse and that the City failed to make the
journal entry(s) necessary to re-establish the encumbrance in the
current year.
Required:
(a) Prepare all...
Prepare the General Ledger journal entries for the General Fund for the City of Corona for...
Prepare the General Ledger journal entries for the General Fund
for the City of Corona for the fiscal year ended May 31, 2018.
The budget was formally adopted. Estimated revenues are
$8,520,000 and appropriations are estimated to be $8,204,500.
Revenues were received for $6,562,000.
Purchase orders were issued for $2,950,000.
Purchase orders were filled for $2,436,000. The invoice amount
was $2,443,000, which has been paid.
Expenditures, not encumbered, amounted to $3,225,000 which was
paid.
The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for...
The City of Holbrook transferred $100,000 from the General Fund
to the Debt Service Fund for payment of interest. The appropriate
entry in the General Fund to record this transfer would be
Debit Expenditures $100,000; Credit Cash $100,000.
Debit Other Financing Uses Transfer Out $100,000; Credit Cash
$100,000.
Debit Fund Balance Transfer Out $100,000; Credit Cash
$100,000.
Debit Other Financing Sources Transfer In $100,000; Credit Cash
$100,000.
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $109,000; Taxes Receivable,
$213,500; Accounts Payable, $64,250; and Fund Balance,
$258,250.
The budget was passed. Estimated revenues amounted to
$1,390,000 and appropriations totaled $1,384,200. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $995,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2017:
Beginning balances were: Cash, $90,000; Taxes Receivable,
$185,000; Accounts Payable, $50,000; and Fund Balance,
$225,000.
The budget was passed. Estimated revenues amounted to $1,200,000
and appropriations totaled $1,198,000. All expenditures are
classified as General Government.
Property taxes were levied in the amount of $900,000. All of the
taxes are expected to be collected before February 2018.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2017:
1. Beginning balances were: Cash,
$90,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and
Fund Balance, $225,000.
2. The budget was passed. Estimated
revenues amounted to $1,200,000 and appropriations totaled
$1,198,000. All expenditures are classified as General
Government.
3. Property taxes were levied in the
amount of $900,000. All of the taxes are expected to be collected
before February 2018....
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A city orders a new computer for its General Fund at an anticipated cost of $95,100....
- A dentist's drill starts from rest. After 3.40 s of constant angular acceleration it turns at...
- An ethylene glycol solution contains 21.2 g of ethylene glycol (C2H6O2) in 89.4 mL of water....
- Use C++ for this program Define a Line Class. Constraint: Line must be in...
- how military crisis effects business?
- Problem 4: House Prices Use the “Fairfax City Home Sales” dataset for parts of this problem....
- 3. What are the three main sources for economic growth in any economy? Describe each source....
ADVERTISEMENT